More than 1 million enterprises had been registered in Hangzhou, capital of East China's Zhejiang province by June 28, another significant milestone for the city following its economic output surpassing 2 trillion yuan ($275 billion) in 2023 and its urban population exceeding 10 million, propelling the city into the league of megacity behemoths.

Zhejiang is renowned for its robust private economy, with over 90 percent of businesses in Hangzhou being privately owned. The first private enterprise business license in Zhejiang province was issued in Xiaoshan district, Hangzhou, in 1988 after the onset of reforms and opening up.

From 2013 to 2023, the number of enterprises in Hangzhou surged from 250,000 to 960,000. As of June 28, the total number of market entities in the city had exceeded 1.95 million, with over 1 million registered enterprises.

Hangzhou's status as a fertile ground for business growth stems from its longstanding commitment to openness, inclusiveness, and innovation. The city has consistently led in reform efforts, providing enterprises with a conducive environment characterized by positive policies.

One notable example is the reform of the city's commercial system. Since 2013, Hangzhou has embarked on a journey of commercial system reform, aiming to reduce institutional transaction costs for market access and operation.

This year, with a focus on becoming the city with the best business environment and the strongest private economy in China, Hangzhou has intensified efforts to optimize its business environment. By actively integrating into the unified national market, the city has introduced a new round of 10 key reform measures in commercial system reform, fostering a stable, fair, transparent, and predictable development environment.